Bring a large pot of salted water to boil and cook the pasta until tender. Drain and set aside, keeping warm.
Cook the bacon using your preferred method until crisp and then crumble.
Add the softened cream cheese, butter, and Italian seasoning to a medium microwave-safe bowl. Beat with a hand mixer until smooth. While beating on low, stream in the milk until fully combined and smooth.
Microwave the cream cheese mixture for 3 minutes, stirring every 30 seconds, until thoroughly heated.
Pour the cream cheese mixture over the pasta and toss to coat. Top with shredded Parmesan and crumbled bacon.
If you're after a lightened up version, you can use turkey bacon, low-fat cream cheese, and skim milk.